The plans of the World Bank to increase its lending capacity to address climate change and other global crises need to move more quickly, according to Janet Yellen, the U.S. Treasury Secretary, who made the statement on Sunday.
According to the World Bank’s ‘evolution roadmap,’ which was covered by Reuters earlier this month, the organisation must negotiate with shareholders on proposals for a capital increase and new lending tools before shareholder meetings in April.
The World Bank management is tasked with creating detailed proposals that could be approved by the joint World Bank and International Monetary Fund Development Committee in October regarding changes to the bank’s mission, operational structure, and financial capability.
The proposal is the first step in a process of negotiations to change the bank’s goals and funding allocations and move it away from the country- and project-specific lending model it has employed since its founding at the end of World War Two.
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